Lotus Bakeries’ corporate venture arm FF2032 is among the investors in the Series A funding round of the US-based company
US allergy-friendly food brand Partake Foods has closed a $4.8 million Series A funding round with investors including Lotus Bakeries’ corporate venture fund FF2032, Marcy Venture Partners, CircleUp Growth Partners, Black Star Fund, Kevin Johnson’s Black Capital, Beyond Meat chief growth officer Chuck Muth, Once Upon a Farm chief executive John Foraker, Seattle Seahawks’ Bobby Wagner, and singer and actress Robyn Rihanna Fenty.
This is the second acquisition that Lotus announced in six months. The Belgian company purchased 97.9% ownership of Natural Balance Foods, the maker of Nakd and Trek bars last June.
Jersey City, New Jersey-based Partake is a growing brand that markets gluten-free and allergy-friendly cookies which are free from the eight major allergenic foods: dairy, eggs, fish, shellfish, tree nuts, peanuts, wheat and soy. The brand has a range of crunchy and soft-baked cookies, available in a variety of flavours, all vegan and non-GMO.
Partake was founded in 2016 by Denise Woodard who struggled to find safe and healthy snacks for her daughter Vivi, who had severe food allergies when she was younger. Woodward quit her corporate job and established Partake to create her own safe-to-eat snacks. In 2019 she raised money from, among others, Marcy Venture Partners, accelerating the growth of the company. Today, the cookies can be found mainly in US grocery stores and the US natural foods channel.
Woodard said: “Lotus Bakeries’ rich traditions and commitment to healthy and accessible snacking are a welcome complement to Partake ‘s mission of providing daily moments of joy to every consumer. In addition, their global footprint, experience in scaling businesses, and aligned values make them a wonderful partner, and we welcome them on board as an investor in this next stage of growth.”
Date published: 7 January 2021